Espace Real Estate, known for its leadership in the Dubai real estate market, is now making a strategic push into the commercial real estate sector. The company’s growth story has naturally evolved from secondary sales and leasing into off-plan and now into the commercial space, a step that seems to complete the picture.
Completing the Espace portfolio
Speaking about the decision to enter the commercial market, Morgan Curtin, Head of Commercial at Espace Real Estate, explained that the move was not just about chasing new opportunities but responding to growing client demand. Espace had already established itself as a leader in residential sales, leasing, and off-plan. The commercial market was the missing piece.
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“We had a lot of clients asking us for commercial properties, whether to buy, sell, or invest,” Morgan shared. “It was a natural next step for us. It just made sense.”
Building on a strong foundation
When asked what sets Espace apart from other agencies expanding into commercial, Morgan was clear that the goal is not simply to do things differently but to carry the same values and high service standards the company is already known for.
“We’re not here to just do it better than everyone else. We’re here to do it the Espace way with professionalism, client care, and a brand people can trust,” he said. “We want clients to feel comfortable, supported, and to know they won’t get messed around. We are building a commercial team that matches the strength of our brand in sales, leasing, and off-plan.”
Strong leasing demand despite tight supply
Dubai’s commercial property market is currently dealing with high occupancy rates, especially in Grade A office spaces. In prime areas like DIFC, occupancy is reported to be in the high nineties, leaving little available space.
Morgan pointed out that while demand is high, there is still supply, particularly with new off-plan commercial projects in the pipeline in areas like Business Bay, DIFC, and JLT. “Grade A standards are constantly improving, and with projects like Expo City opening up, we’re seeing large companies moving in and leasing directly. It’s giving more opportunities for investors to buy, renovate, and lease back to premium tenants.”
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Leasing leads the market
Although commercial sales are growing, Morgan confirmed that leasing is currently the dominant activity. “Leasing is huge right now. There are investors purchasing but leasing is driving the market. What’s interesting is that many of these investors are residential buyers who are now moving into commercial because the returns are stronger.”
He explained that residential investors who were content with 5% to 6% returns are now seeing 10% to 12% net returns in commercial, with some even achieving 16% to 18% in specific cases.
Accessible for everyday investors
A key message from Morgan is that commercial real estate investment is not limited to large corporations or experienced commercial buyers. “Most of my investors are just regular individuals who previously invested in residential properties. The process is almost exactly the same. You don’t need to buy an entire floor you can buy small offices, 500 to 1000 square feet, renovate them, and we can lease them back to high-quality tenants.”
The only real difference compared to residential, he said, is dealing with VAT registration, which is a straightforward process for individual investors in the UAE.
Why are more investors moving to commercial
Commercial leases typically offer stronger contracts, longer terms, and higher security. Unlike residential leases, which are often renewed annually with uncertain rent increases, commercial tenants often commit to three, five, or even ten-year contracts with annual rent escalations agreed in advance.
“Commercial is a more stable investment in many ways. You get stronger tenants, usually paying in fewer cheques, and the contracts are clearer and longer term. It’s a really strong option for investors looking to grow beyond residential,” Morgan said.
The next chapter for Espace
Espace Real Estate’s decision to move into commercial is more than just business expansion, it is about offering their existing clients more opportunities within a brand they already trust.
Morgan concluded, “This is a natural next step. Espace has already built an incredible reputation in secondary sales, leasing, and off-plan. Now we are ready to bring that same level of service and care into commercial. We are here to build a long-lasting, trusted commercial division that truly reflects the Espace brand.”
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